E9-20 (similar to) Question Help * Papa's Fried Chicken bought equipment on January 2, 2018, for $15,000. The equipment was expected to remain in service for four years and to operate for 4,000 hours. At the end of the equipment's useful life, Papa's estimates that its residual value will be $3,000. The equipment operated for 400 hours the first year, 1,200 hours the second year, 1,600 hours the third year, and 800 hours the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-ine method. Straight-Line Depreciation Schedule Asset Depreciable Cost Depreciation for the Year Useful Life Depreciation Accumulated Book ExpenseDepreciation Value Date Cost ,000. The equipment was expected to remain in service for four years and to operate for 4,000 0 hours the first year, 1,200 hours the second year, 1,600 hours the third year, and 800 hours t i Requirements 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared 2. Which method tracks the wear and tear on the equipment most closely? Print Done